Thread regarding Edward Jones layoffs

@nzb Totally understand, especially given the multitude of scams already targetting US citizens.

@nz7 I don’t think many clients know. Since I do know, I will no longer be a client as soon as I am no longer an employee.

@nz7 Noone that I know of has any knowledge of this.

@nz6, what do you mean "before"our clients find out? They've known for a long time.

@nz3 Yes, this is a very concerning development and only a matter of time before clients find out. Just can't believe what is happening to this company. I don't even recognize it anymore.

@nyz so when I was training my replacements they were messing up stuff left and right, like badly. Then branches would demand answers and want to talk to us or the guys in india. We would tell them that an overseas contractor did it. Of course branches were totally shocked and horrified that we had quietly started outsourcing. Fast forward a week later and my DL tells me not to tell branches this type of thing because it is "not productive to point fingers". So yes, we are putting tons of data at risk and we are not sypposed to tell anyone about it...all while the higher ups tout this new business model as the greatest thing since the invention of the wheel. Tone deaf and absolutely clueless.

@nyp ~ This is very concerning and clients have no idea about this development, do they?

@nwr They see everything we see. There are apparently "checks in place" to make sure client data doesn't get stolen but we all know that is a lie just like everything else at this company.

Soooo...re: offshored jobs to India: what are some examples of the personal client information they now have access to?

Some do. Know some folks in STL West County area. Their families work with and at Jones and they are talking. The further you get from Home Office, the less they think of it. Some do, but most don’t think of it. Some of them are talking and reminding the rest of them.

@3vz Shell-shocked is a good word for it. I can see it on everyone’s faces on Zoom - a colleague and I hosted one yesterday, and when I say everyone’s expressions would not have been out of place at a funeral…and the issues with the phones today? The Holding screens and Doc Capture yesterday? Webdial this morning?

I don’t think HO (ELT and the powers that be, that is) has any idea what they’re allowing to simmer out here. We’re all wondering if “today is the day” the entire firm faces a reckoning, and it all just comes crashing down, because you can only be told 2+2=5 for so long.

@3vx I work in a branch as well, you couldn’t have said it better! We are all a little shell shocked by the massive amount of change, constant system issues, wait times, etc. Maybe it’s intentional to keep us distracted from HO drama, idk. No one I know is happy about any of this.

Branch here. We care. You better believe we do, because we see none of the improvements that are being promised, all the while associates’ lives are being upended while PP jetsets.

Getting a recording that says Advisory is backed up by 2 weeks with trade corrections? Calling or submitting a service request to get clarity about FF sunsetting, only to get a different answer every time? Trying to get a POA approved only to be told by a damn bot that it’s been rejected a third time when you only followed its instructions the first two times?

We’ve been screaming into the void for help about pain points and wait times and too many clicks and too change much all at once.

No one is answering.

We’re trying to soldier on out here, in spite of the growing, bleak, very real inkling that nothing “better” will rise rise from the ashes of ER.

@c4 Hilarious someone thinks AI will eliminate mistakes. lolololololololol

@a4 I took the VSP. I am laughing my head off at you thinking your HQ bonus will be larger next time. BET ON IT: it won’t be.

Calling it Voluntary is a joke. I was caught up in the Ops VSP. I am normally a huge fan of Edward Jones and a die hard optimist. But the verbiage around it was heavily laden with scare tactics about no job if you don’t take it. But the worst part was the death of Edward Jones as we all knew it. Like losing a dear friend.

Most branch offices care about the HQ morale and are asking questions, but at this point nothing has impacted them yet. Changes won’t be felt until early next year when HQ is half way through the VSP exit dates and the GPs are done.

Let’s not also forget that this is just the first leg of the stool. Shoring and AI still need to take effect. PP and her crew will head to India this Fall to scope out the opportunity. The impact of AI will be far reaching so be ready for more cuts.

@dw I find it hard to believe no GPs in the field were consulted at all. And if you disagree with the decision, then do what the OP says and speak up about it. It's true - HQ senior leadership doesn't give a cr@p about HQ associates or what they think. They literally only pay attention when branches complain.

Yes, we care. We don’t want to talk to offshore employees or AI when we need help. There are also many lessons to be learned from other companies where allowing offshore employees access to sensitive client data has been exploited. Management consultants won’t share this information as it goes against their recommendations to maximize profit.

I don’t know any branch office team that is cheering this on. Are there some je-ks out there in branch offices? Yes. Are there also je-ks who work at the home office? Also yes. This emotional guilt chucking post isn’t going to accomplish anything. Point the finger where it belongs which is home office leadership that make these decisions. Branch offices were not given a say in any of this. We had no clue this was happening until decisions already done.

@bp I’m glad you were able to find another internal position. I thought about doing the same but I knew more VSP would be coming. And since I meet the Rule of 70, I would continue to be on that list no matter what future position I might hold. Best to get out of dodge.

i recently had an fa tell me he can't wait for AI to eliminate human mistakes. Well Mr. I don't have time for web pages, eventually AI will take your job in the form of Robo Advisor.

From what I've seen on the job at HQ, the FA have their BOA call about everything. Wanting reassurance as to what their doing is correct.

I've had to deal with walking tenured BOA through their own jobs. Them doubting themselves after several years of working as a BOA.

If the branches thunk this is funny folks lives are being ruined, I have no empathy for the branches when they need assistance from HQ in a year and can't talk to a live person.

@bn similar situation here. My dept got "optimized" in sept 2023. We had to train our replacements while also keeping it on the down low. We were told not to discuss it with branches or other areas because it would be "not productive." I found another area thank goodness but now I think cascade 2 is going have that area scrambling right after summit season concludes.

@a4 The firm quietly sent out VSPs long before October 2024 in Ops. I received a VSP in round 2. Declined it & months later received an ISP & told my job was being eliminated. The firm calls it “elimination” but in reality it was “offshored “. Then offered the most recent VSP & took it. Frankly, it was not “voluntary “ & was no longer a choice.

@a4 "Not reorganizing home office to better run the business?" I'll wait to see what (if any) reorg'ing actually happens. Wouldn't hold my breath on that one, really.

@a5 Penny said it was a one time thing, surely she wouldn't lie? (lol)

@a4 you're implying that this is a one and done situation. It's done until the next efficiency pet project comes along whether it is driven by AI, MBB consultants, or a whim from the Aspen Ideas Festival.

@a4 you act as if VSP was a choice. Its elimination by fear. Start with poor communication and then start feeling like this may be your best lifeline and hear the clock ticking. A while back was to minimize the need for BOAs who were also seen as little more than overhead. Easy for some to get in that mindset for those that don't understand the flow and touch points at the branch. I believe the pool of all that may be affected or that are smart enough to know it could be there job next, probably would not thinking let alone posting in the manner you have. Hope its not your sand box next. News flash - the world is going digital and you too are little more than overhead at the end of the day.

@a4 sorry, I think this is the tip of the iceberg. Lots were already laid off from Ops last year. 700/10% more now. There will be more later. More and more offshoring/outsourcing is coming. Don't be naive.

Communication throughout this entire process has been terrible but the reality is that most people leaving are leaving by choice via VSP. Very few will actually receive an ISP. What do you want branch teams to be loud about? Not reorganizing home office to better run the business? Not reducing headcount, mostly through VSPs, which will increase home office associate bonuses? I agree leadership is uninspiring but for the most part we will all be fine thanks to those that took the VSP.